Silver Price Analysis: XAG/USD bulls stay hopeful below $23.00


  • Silver remains on the recovery mode, reversing late Friday’s pullback.
  • Sustained break of 100-SMA, firmer RSI favor bulls.
  • Three-week-old horizontal area, 200-SMA become strong resistances to watch.

Silver (XAG/USD) begins the trading week with an uptick to near $22.70. The bright metal poked the highest levels since mid-September the previous day before easing from $23.20.

Even so, the quote’s ability to stay beyond the 100-SMA amid firmer RSI conditions helps the commodity buyers to stay hopeful.

However, a short-term horizontal area precedes the 200-SMA, respectively around $23.15-25, to challenge the XAG/USD bulls before giving them controls.

Following that, $24.00 and $24.30 may probe the upside momentum prior to highlighting the last month’s peak near $24.85.

Meanwhile, pullback moves remain less destructive until silver prices remain beyond the 100-SMA level of $22.47.

Also acting as the downside filter is the previous resistance line from September 07, near $21.80 by the press time.

Silver: Four-hour chart

Trend: Further recovery expected

Additional important levels

Overview
Today last price 22.67
Today Daily Change 0.00
Today Daily Change % -0.00%
Today daily open 22.67
 
Trends
Daily SMA20 22.68
Daily SMA50 23.49
Daily SMA100 24.99
Daily SMA200 25.64
 
Levels
Previous Daily High 23.19
Previous Daily Low 22.44
Previous Weekly High 23.19
Previous Weekly Low 22.21
Previous Monthly High 24.87
Previous Monthly Low 21.42
Daily Fibonacci 38.2% 22.9
Daily Fibonacci 61.8% 22.72
Daily Pivot Point S1 22.34
Daily Pivot Point S2 22.01
Daily Pivot Point S3 21.59
Daily Pivot Point R1 23.1
Daily Pivot Point R2 23.52
Daily Pivot Point R3 23.85

 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD recovers from Powell’s dip and holds above 1.1300

EUR/USD trades around 1.1310 after falling to 1.1234 following US Federal Reserve Chair comments on inflation on tapering. EU inflation hit a record high of 4.9% YoY in November.

EUR/USD News

GBP/USD falls to 1.3194, a fresh 2021 low

GBP/USD changed course on sudden dollar's demand, piercing the 1.3200 level for the first time since last December. Fed chief Powell talked about speeding up tapering, sending Wall Street in a selling spiral. 

GBP/USD News

Gold at risk of piercing the monthly low at 1,758.81

The Omicron coronavirus variant may reduce the effectiveness of vaccines and treatments. US Federal Reserve Chair Powell talked about speeding up tapering. XAU/USD faltered again around the 1,800 level, may retest November low.

Gold News

Leading cryptos take the back seat

BTC is likely to face some underperformance against the altcoin market. ETH price action pushes higher during the Tuesday trading session, making another attempt at new all-time highs. XRP is close to recovering all of the losses it sustained on Black Friday.

Read more

Cyber Monday 2021 Discounts!

Glued to your trading screen on Cyber Monday? Upgrade your skills by signing up for FXStreet’s Premium service, offered at a discount of up to 50%. Fellow traders have already taken advantage of Black Friday profits. What about you? 

Subscribe now!

Forex MAJORS

Cryptocurrencies

Signatures